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Penrith Farmers’ & Kidd’s claims to have received a takeover approach from its Carlisle-based rival H&H Group.

The Penrith firm has issued a formal statement in response to “speculation” about its future.

This says: “The board notes the recent speculation and movement in its share price and confirms that it has received an initial, preliminary approach from H&H Group, which may or may not lead to an offer being made for the whole of the issued share capital of the company. There can be no certainty that a formal offer will be made or the terms on which such an offer may be made.

“A further announcement will be made in due course, as appropriate.”

H&H says that Takeover Panel rules mean it is unable to comment.

However, following Penrith Farmers’ & Kidd’s statement, it has 28 days to either make an offer or announce that it does not intend to make an offer.

The deadline expires at 5pm on January 15.

Penrith Farmers’ & Kidd’s, which dates from 1876, sold its livestock-auction business to H&H in 2002.

There are other offices in Keswick, Appleby, Kirkby Stephen and Cockermouth.

The estate agency operates mainly in the Eden Valley and north Lakes but other services are offered on a regional or nationwide basis.

H&H Group owns the Borderway Mart complex at Rosehill, Carlisle.

It has a land-and-property division, an insurance brokerage, printing business, finance company, auction rooms, and an estate agency, and holds motor-vehicle auctions. Profits increased by nearly a quarter to £1.44m last year.